Allianz Life Insurance Company of North America failed in its third attempt to win summary judgment on Racketeer Influenced and Corrupt Organization Act (RICO) claims alleged in two lawsuits involving deferred annuities. The lawsuits allege that Allianz, in partnership with thirteen field marketing organizations (FMO) and six other corporate entities conspired to defraud senior citizen investors by misleading them about returns on the investments in deferred annuities sold by Allianz to the plaintiffs.
Allianz Life Insurance Company of North America allegedly collaborated with FMO to market the annuities as providing an immediate ten percent return, and allegedly promised the annuities would pay full value despite a ten percent charge on premiums received and a reduced interest rate without a bonus if the annuity were to be cashed out before the five-year time requirement.
Despite Allianz’s alleged claims that it did not control the business activities of the FMO’s, U.S. District Judge Christina Snyder said that it was possible Allianz did have some control in the actions of the FMO to entice seniors into buying the annuities and much remains in dispute about how closely Allianz acted with the FMO to defraud seniors.
The plaintiffs are represented by Andrew Friedman of Bonnett, Fairbourne, Friedman & Balint, Theodore Pintar at Robbins Geller Rudman & Dowd, Steve Basser of Barrack Rodos, Howard Finkelstein of Finkelstein Krinsk and Ingrid M. Evans of The Evans Law Firm San Francisco and Los Angeles, CA, www.evanslaw.com
If you have invested in an Allianz Life Insurance Company of North America’s deferred annuities and you are a senior citizen residing in California, contact an experienced attorney. The Evans Law Firm litigates on behalf of seniors in California in matters related to deferred annuity investments.
www.evanslaw.com San Francisco, CA
The Evans Law Firm handles elder abuse (physical and financial), consumer fraud class actions involving particularly insurance and banking fraud claims, consumer product liability and personal injury/wrongful death cases, asbestos-mesothelioma, pharmaceutical product liability, negligence personal injury claims, as well as Qui Tam (whistleblower/false claims), IRS tax fraud lawsuits, securities fraud whistleblower reward lawsuits, retaliation and employment litigation.